tv Lou Dobbs Tonight FOX Business March 14, 2013 10:00pm-11:00pm EDT
have a wonderful evening. ♪ lou: good evening, everybody. thank you for being with us. the winning streak on wall street goes on. the dow jones industrial average closing at a new record for an eighth straight trading session. the dow jones industrials up 83 points today. selling at 14,539. this is the longest streak of record high closes since november of 1996. it is also the tenth straight winning session for the dow. the nasdaq and the s&p closi at 52-week highs. the s&p just under two points from its own record high close. the russell five dozen stocks
gaining almost $2 trillion in market capitalization since the beginning of this year. a lot more for y on this impressive bull run in the stock market later in the show. also tonight, the senate judiciary committee passing a renewal of the assault weapons ban. this measure put forth by senator dianne feinstein, approved by the full committee on a party-line vote, ten democrats and eight republicans, and they advaed the ball to the full senate floor for a vote. the measure is certain to face intense scrutiny from republicans to say they consider the bill to be an ineffective response to a genuine problem. the vote coming after the judiciary committee advanced another gun-control bill earlier this week that would require universal background checks. well, white house press secretary jay carney today confirmed that president oma has taken up in control during his so-called charm offensive
while on capitol hill. however, offering this confusing and somewhat nonsensical description of just where president obama stance on the second amendment. >> he is having conversations with and has had conversations with lawmakers in both parties about all the aspects of his proposals, including his support for the assault weapons ban and he has encouraged lawmakers to support it and understan that these are tough issues. but he makes the point in every conversation that he has about this that nothing he has proposed in all the measures would take a single firearm away from a single law-abiding american citizen. lou: square that up, if you will. the debate over the assault on the second amendment in the sena judiciary committee today was contentious, he did, and
sometimes participants were condescending. the passage out of the committee, the bill now heads to the full senate for a vote. fox news chief congressional correspondent mike emanuel has our report. ♪ >> reporter: the second amendment and the bill of rights provides that the right of the people to keep and bear arms shall not be infringed. >> reporter: before the senate judiciary committee approved a new assault weapons ban by a 10-8 party-line vote freshman texas replican ted crews challenged the bill's author, democrat dianne feinstein on the constitution. >> the question that i would pose to the senior senator from california is, would she be made consistent with the bill of rights for congress to engage in this same endeavor that we are contemplating doing with the second amendment in the context of the first or fourth amendment? >> reporter: not amused. >> i am n a sixth grader. senator, i have been on this committee for 20 years. i study the constitution myself. im reasonably well educated, and i think you for the lecture.
>> reporter: fireworks were not shocking considering the motion onoth sides over gun control. this legislation is the most controversial of the floor considered by the judiciary committee following the newtown connecticut school shooting which left 20 children and six adults did. the measure would b the manufacture, sale, and use of 157 firearms and would limit ammunition magazines to ten rounds. a leading republican says it is not fair to law-abiding citizens seeking protection. >> it would stop satisfaction to say tha criminals are going to have access tohe whole range of weapons that they will have access to because they don't care about the laws that are passed a. we are going to gi the american citizen and a peashooter to defend themselves with. >> reporter: at the white house spokesman jay carney describe this legislation as an important part of the president's effort to curb gun violence and call for more action. >> we urge congress to swiftly vote on and pass this legislation and other common-sense measures like
requiring a background check for all gun purchases and cracking down on gun trafficking and straw purchasing. >> reporter: their will likely be presidential pressure, but there are senate democrats who are not eager to take this vote. it is not going anywhere in the house. lou: thank you. fox news chief congressional correspondent. the republican party's crisis of identity and direction, today and arrested the first day of the conservative political action conference. senator marco rubio outlined the debate. >> you hear all this debate about infighting among conservatives, and fighting among people believe in limited government. that is really a foolish notion. people who disagree on all sorts of things in the real-world work together all the time on things they do agree on. and there has to be a home and a movement in america for people who believe in limited govement, constitutional principles, and a free enterprise system, and that should be us. [applause] lou: here to discuss what the republicans have learned, enough to win the next election, we are
joined by haley barbour, former governor of mississippi, former chairman of the republican national committee, and certainly the most prominent among the gop wise men. good to have you on the broadcast. let me turn 10c pack. these are obviously strong figures. all of these folks standing tall and talking about what is got to be de. the same time they are being called whacko birds, i belve, by senator john mccain, another bull t republican party. what say you? >> well, look, first of all, i think what marco rubio says made total sense. absolutely, it focuses on the republicans ought to focus on, and that is, we ought to emphasize the things that unite us as republicans. smaller government, lower taxes, less spending, rational regulation, open markets, free trade. these are the things that unite
as as republicans. it is no surprise to me, lou, that if you take this 60 million people who voted republican for president last year, they're not going to all agree on everything in it would be silly to think that they would. but, there are things that generally unite us, and we need to learn how to work together and push hard for what we know is right. secondly, to understand and not everybody who is a good person or even a good republican is goin to agree with you on everything. heck, my wife doesn't agree with me and everything. lou: you put it that way. in my house i have to say, have to agree with her. republicans have lost to president ections, as you are keenly aware, governor. the vote totals declining over those two elections last year. the spending, astronomical. the republicans -- fighting many people are not aware, republicans actually out raised
anoutspend the democratic party. presidt obama. over $1 billion. now, that is, by mimas, governor, that is over $2 billion for a job that pay 400,000 year. there is a lot wrong with the arithmetic. the spending that kind of money, the republicans are not getting much value, they? >> well, we certainly did not get much this year. this is an election that the republicans could have won. we ended up not winning because strategically we let the democrats make the election not about the president's record, not about his policies, which have failed, but by attacking mitt romney in trying to make mitt romney out to be a terrible person, a guy who does not care about people like you, a rich white guy who is a quintessential plutocrat married to a known equestrian. ♪
>> and when you let the other side define your candid it and you learned in politics, any attack unanswered is an attack that is admitted in the lives of the voters. but notice, obama has got no mandate from this election because he could not run is on record. you remember the last two procession, president reagan was president. we came out of the recession with tremendous growth. over four and a half% public the first three years after the recession. you don't have athing like that in the numbers with obama. most -- the unemployment rate goes down. moreeople quit looking for a job and find one. that is why obama could not run his record. it's why he does not have mandate. republicans are doing disappointed that we did not win the election and hopefully we will learn some lessons because the country cannot stand a lot
more policies like this. lou: well, as you were describing there, i'm ver flattered by the thought. i look at myself as a poor country boy who came out of texas and raised in southern idaho and managed to kind of find my way through the world. fortunate enough, you know, i have a pretty good career. i happen to believe in fundamental principles. you hit two of them. your talking about peace through strength, senator john mccain and senator rand paul don't agree on what that means. both say the same thing. they mean something quite different. when you talk about limited government, i think they both mean the same thing, but the results are -- we have seen under republicans, whether their names are bush, whether their names are clinton or obama, this government increases in size. and not hearing clear call from the republican party. how they differentiate because you talked about lower taxes,
yet the republican leaders in washington just exceeded to $600 billion in new taxes. and offered up, appartly, 800 to begin with. and the president is still encouraged by their generosity to be seeking another trillion. >> well, let's get back to the facts. you know, -- lou: well. well. wait. we. wait. i can let you say that without you explain what you did not mean to say that what i said was not factual. >> oh, no. you did not talk about all the facts. lou: oh, okay. >> the republicans have one house of congress. democrats and the other house of congress. they had a choice. they could have voted toet everybody's taxes go up. the fiscal cliff. or because they could not get the votes to keep nobody'taxes from going up, their choice was, we let everybody sexes go up or do we decide to percent of the people's taxes go up. i donnt like tt tax increase.
662 billion. it's bad policy. it's bad for the economy. -for the country. however, the republicans did not have the votes to stop that, so what did they do? of the choice we wouldather have only 2 percent of people's taxes go up instead of everybody's taxes go up. lou: and i understand the difficult choice, the toys that they found themselves in because they had been outmaneuvered. and did not think that they were sterling in there, if you will, tactics or strategy. >> well -- lou: i absolves them. >> thank you, francis. lou: well, if it's francis it's a different kind of deal, not about that. it's more likely to be about a mule. governor, we thank you very mu. >> thank you for having me. lou: much more on the future of the republican party throughout tonight's show. stay with us. ♪ lou: president and the famous
the proclaimed the era of big government to be over. boy, was he wrong. but this wrong? we take it up in tonight's "chalk talk." ♪ wall street streaking higher. will it go higher from here? charles schwab managing director randy fetter on this recd rally. dad, i'd put that down. ah. 4g, huh? verizon 4g lte. 700 megahertz spectrum, end-to-end, pure lte build. the most consistent speeds indoors or out. and, obviously, astonishing throughput. obviously. you know how fast our home wifi is? yeah. this is basically just asast. oh. and verizon's got more fast lte coverage than all other networks combined. it's better. yes. oh, why didn't you just say that? huh-- what is he doing?
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♪ lou: the dow jones industrial setting all sorts of records, a new record for the s and be within reach. a couple of points away, in fact from charles robb joins us a moment to examine whether this record run on wall street goes on, whether we should be paying attention to the fact that these records are being racked up while trading volume bids ever thinner every letter. what could that pretend?
we will find out. well, ten days of rally, a record closing highs for the dow. fees that jobless claims fell to 05-year low last week for helping drive the bullish enthusiasm for. today's 804th rise in the dow, the dow tying its eightays of records added setback in november 1996. the s&p 500 up nine points on the day, two points shy of breaking its all-tim high. the nasdaq up 49 the date. beating decliners by a margin of two to one of the board. over three and a half -- just under three and half billion shares traded. the wilshire rising to its 14th record high of the year closing its 16,005 to seven, up $100 billion in market cap today. since its low on march 9th 2009, the wilshire index is up $11 trillion. after the ose, the federal reserve asking j. p. morgan and goldman to resubmit their capital plans to address
weakness uncovered during the stress test on the 19 largest banks. both stocks are sharply lower in after-hours trading as a result. the capital plans of the government owned allied bank and db and c were flat rejected an have to be redrawn. deviancy stock is also lower in after-hours trading. commodities continue to rise. gold up to 30 per an ounce, well up $0.51 per barrel, and in the bond market deal on the treasury ten year. well, breaking news. a senate report has just been released. is in a report concluding that j.p. morgan chase chief executive officer tried to hide mounting losses that exceed $6 billion claiming that he misled investors a and dodged regulators in the so-called london whale fiasco early last year. the report is from the senate investigations subcommittee.
it is hoing hearings tomorrow. it looks like there will be some fireworks. the s&p two points fromts record high. my next guest says we can see the correction soon after the s&p heads the milestone. joininus now with his outlook for the markets, he is managing director of trading in derivatives with the schwab center for financial research. good to have you with us. >> it's good to be with you. lou: this is an impressive run by any standard. u are suggesting that we are nearing a conclusion, though. >> no, i would not say a conclusion. i would say that with this kind of a run, which is pretty unprecedented, that the potential for a correction, and i mean maybe 04 or 5% correction is very possible and certainly just about any kind of maneuver that could create that put an end to the run, no, not an end in terms of where we're going for the rest of the year. the bullishness will continue throughout the year, but certainly right now it would be, you know, it would probably be what we call a healthy
correction if something would spark some sort of a pullback. frankly, there's plenty of money up there that would like to get into this market, and a lot of it is waiting for the pullback so that they can get a good entry point. lou: also looking at the possibility that rather than seeing, you know, a slight pause here to whether it is three, four, 6%, awful on correction of 10% would give everyone to pay attention. do you think that there is a chance that thoseolks waiting to get and will jt simply keep waiting and then we're going to see a real rush to get and once the mart, should it defined in and these indexes and averages and prices keep going higher. >>ell, what happens is people and investors hava tendency to say, we are waiting for a pullback so we can get a good entry point. the problem is if you have a big pullback like to mention, then all of a sudden everyone is spooked and they think may, maybe the bull market is over. i will just sit and wait. what is better is to have more of a small collection, three, four, five, 6%.
whether we spoke a f people, it would only give us back to about where we started the beginning of this year whic would be a great opportunity, a great opportunity for people to get into the market. lou: where do i sign up? >> it would take a pretty big -- anything greater than that would probably -- for what? the small correction? lou: you bet. >> well, -- lou: of getting the smaller the big one? >> well, there is no way to pick the top of the bottom perfectly. what you have to do is we for the correction in the new have maybe they are to. that is the opportunity if you get in at. but the thing to keep in mind is that it won't happen without some sort of catalyst. we have got improving employment picture. as you mentioned, we have got still low interest rates and really no sign that the fed is going to take their foot off the throttle. we have got, you know, all sorts of economic reports. the housing market is huge. it has created this enormous psychological wealth effect, even if the people who own homes cannot get that money out of those houses like they did in the past, it makes them feel better that they are in a
dwelling that has lost money for five years and now of a sudden storm to gain valu some of the ear reports we have seen at the beginning of this year show that even though income has stabilized and in some cases even gone down, spending has gone up and we saw that in the retail numbers that we saw just a yesterday. lou: let me ask you this. $11 trillion recovered in market cap and the equities market. you're looking at trillions of dollars are covered in the housing market. you have got the fed pumping $85 billion a month into the financial system. zero interest rates. what in the world -- what would it take to see a pause here? real quick, we are out of time. i would just like to understand what it will be in your judgment? >> well, i think the point you're making is a good one and is the reason why it makes sense to the bullish right now. all those factors are driving this market higher. what typically takes to get some sort of a pullback is, you know, we have an fomc meeting. maybe some sort of thing that they will start reducing there bond buying, not that that is a
major. lou: like they did last time. >> we saw little bit of a spark in the middle of the fury. when bernanke was testifying in front of congress to put that to bed. is something like that comes out, that can happen is the scariest thing of all is the unknow unknowns, this geopolitical news event that nobody is expecting that comes out of left field. as the kind of thing that sparks a sell-off. you have to have some sort of a catalyst we will continue to march higher. lou: that is a tough thing if we have to keep this bull market rating. randy, we get the banks. we now know who will be following upon their capital return plans. your thoughts? our bank stocks as a group interesting investments? >> well, financials are a huge in the industry as a whole. they drive the market in many ways. i think that the -- lou: that does not sound like a yes or no. >> well, i don't want to say. lou: jammed up. i appreciate it. but you don't want to talk about the group.
>> no. well, again, as a group i think that what we saw was that they need to maybe reformulates some of their plans going forward, not that there is any major capital problems or anything like that certainly. but they are a big group, big sector, and they drive the markets in many ways, some people are obviously going to paying attention. lou: thank you for being with us. up next, failures of memory caused by posttraumatictress at the crux of the defense. our legal team joins us to analyze that strategy and much more. democrats making a stunning admission about the truth in their budget numbers. we will explore that. the "chalk talk." senate democrats on alert. ♪ all stations come over to mission a for a final go.
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celebration and is very newsworthy, all around washington d.c., because it has been 1,415 days since the senate last past a budget resolution, nearly four years. for years is a long time to put that in some context, it took four years to build the golden gate bridge. and for years. that was pretty good. you want to be impressed, the empire state building. in four years, we could have built three empire state buildings. in that time. can you imagine? ended four years you could get a college degree, well, sometimes it tak a little longer. anyway, now to the bad news. earlier this week we showed you hear how the senate democratic budget is truly fiscal suicide. we did congratulate them because it is important that they learn something. it is justhat theyant us to be a detonation in perpetuity, apparently.
because it does not balance the budget, the senate democrats and it reduces the deficit by $185 trillion. 185 trillion. and it raises taxes by a trillion dollars, but it turns out that it is actually worse than that. so, i said it was fisca suicide. what is deader than did? well, here. we willhow you. during a budget committee hearing for the ranking republican on that committee, senator jeff sessions, was able to get the chair would of the committee, senator patty murray, murray staff, to admit the deficit reduction figure is pure wishful thinking, to put it kindly. >> can you honestly say that under this budget you can achieve almost $2 trillion in deficit reduction and eliminate the sequestered with only $9,705, $9,705,000,000,000 in
new taxes? >> no. lou: no, but. well, that is an admission. and it is right. it turns up, senate democrats are advocating for turning of the sequestered, but then they chose not to count the cost of doing so, which amounts to an immediate spending increase of over $1 trillion which means the deficit reduction over the next decade goes away. it is more like $700 biion. and a tax increase of nearly a trillion. well, at bomes one half trillion in the texas over the time frame we're talking about if you eliminate the sequester. not to mention, our government will be spending all over teeseven over three and half trillion, over three and a half trillion is the budget this year. and democrats want to increase
that by 2023 come over to in years, to 5 trillion. or five and a half trillion in 2023. guess what? that is an increase in spending. this is 62%. that is what the democrats had in mind. that is why i call it fiscal suicide. and, as you can see, this is a lot more than fiscal suicide. the democrats are really proposing the death of decency and honesty. by our majorit party in government, as theyo this kind of nonsense. it is enough to make us despair for the future of this country. yes, it is also mildly infuriing. president obama talking tough about iran had of his first ofcial trip to israel.
and then there is north korea, china, of course, and russia. the former director of national intelligence, john is with us. a 30th president was a popular small government conservative. what could the obama administration learned from calvin coolidge. his biographer is with us tonight. the testimony completed. the defense bringing new witnesses in the capital murder case. that and more on the dobbs that and more on the dobbs dockage n [ male announcer ] when you wear dentures you may not know
also acknowledged dumping that done in the desert after killing and getting rid of her former boyfrid. she tried to get rid of his bloody clothes in an attempt t avoid spicion. joining us now, criminal defense attorney heather hansen. good to have you with us. brian gilbert also criminal defense attorney, former prosecutor. i want to start, if i may, with calling to the stand psychologist richard samuels to address the memory lapses. heher, is this an effective defense? >> it is the oy defense. i think that they tried to us plead before the case started. when they were not able to plead away from the death penalty they had no choice but to put on the defense off. thirty years of experience in this field. he has testified extensively. very comfortable on the stand. and surprisingly seems to be doing well in getting the point across that they're trying to make a she had in asia after the crime. lou: i mean, as we look at this
case, we talk about traumatic stress syndrome, part of the emotional impact of being abused and accounting for those memoy lapses. but also initially told authorities she ha nothing to do with the killing whatsoever. then she blamed it on masters and finally at some point she decided that self-defense would be the more appropriate possibility to get -- well, to get her out of this. what in the world -- after that happens does she have any credibility it -- credibility left at all? >> she has zero credibility. i don't think this jury believes anything is tsa. you know, a person cannot come up with two, three, multipl versions of what happened before you lose your audience. however, i think those factors about what she is now planning may become an issue in the penalty phase when they have to decide whether or not to executors. lou: and that is the issue here. she just fighting for a life
sentence rather than the death penalty? >> absolutely positively. if sheeis fighting - >> that is what they're doing. >> and i think that is what they're doing. first-degree murder means it was premeditated. of the tunnel see how they will win on that. much is in desperate -- martinez has proven his case by far. when you get to the penalty phase, if she can invoke some sympathy from the people in that jury who have listened to their for 18 days she may be able to escape with her life. lou: -- >> i think it is beyond sympathy. in azona, our state of mind at the time of committing this crime, when they be does not rise to the level of the defense, it may be something that negates the imposition of the death penalty. i think if the defense just raises the question about her relationship and what she was thinking, they may be able to savor life. lou: i want to turn said another topline -- just disgusting case in ohio. the prosecutor telling the judge that the case will not hands on
consented. this 16-year-old rape is the legation by these two young 17 and 60 year-old boys. the defense in this is that she did not object because -- i mean, i just cannot even artilate the defense. it is so, to me, senseless. >> i think the defense has to be under the statute in ohio, given the facts of this case, they did not know that she was substantially impaired so that she could not consent. that has got to be -- >> respectfully, respectfully, i just don't believe the facts support that theory. and i think the lawyers for these boys are doing their clients a major disservice. you know, you cannot ignore the pink elephant in theoom. the facts of this case are what they are. one witness testify that she drank half a bottle of vodka with this growth. another witness said this summer asking for people to urinate on her as she sat topless on the side of the street.
this is a person who absolutely was drunk. there is no way these boys can say with a straight face that they did not think -- you know, it's just ridiculous. >> of one. in the -- what point in the night using she was to document over the course of the night and over the course of these events, it did not just happen once. this was not a onetime events. this happened more than once of the course of the night. how many drinks she had before she gets to the point that she was substantially impaired. after her first drink? >> absolutely correct aboutne thing. this was a night of on gng partying and drinking. there is no doubt in my mind, and ensure there is no doubt in the mind of this judge that these two boys took the advantage of a girl who was intoxicated and you could not resist them. that is the bottom line. there is no way that this evidence is going to show otherwise, and it a big mistake to go forward with this defense. they should be going for mitigation. they should fall on their swords, and they should have worked out a plea agreement. >> i don't disagree at all about the plea agreement, but i would
be very interested to know what kind of discussion there was about a plea agreement. with is gone in that town, the amount of media in that town, the groups in the town, would be surprised if their is a plea agreement even discussed 56 we thank you very much. appreciate you both being with us here tonight. come back soon. >> thank you. lou: president obama tells israel, all options now are on the table regarding iran, former national intelligence director john to joins us here next. ♪ the capital one cash rewards card gives you 1% cash back on all purchases plus a 50% annual bonus. and everyone wants... ♪ 50% more doo wop ♪ 50% more buckarooooooooos ♪ 50% more yeeeaaahhhh!!!! ♪ 50% more yeah yeah [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase, plus a 50% annual bonus on the cash you earn. it's the card for people who like more cash. ♪ 50% more boogie ♪ what's in your wallet? cashhhhh!!!
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♪ lou: and breaking news now. u.s. officials tell fox news that the pentagon is beefing up the nation's missile defense in the wake of nuclear threats from north korea. the pentagon is now set to deploy an additional 14 ground-based interceptors at ssile silos in alaska and california. these additional interceptors on the west coast bring the total
number of interceptors to 44. it is a plan, by the way, originly proposed by president bush. president obama will be telling israeli television that all options are on the table when it comes to iran. the comments came less than a week before the president's trip to israel is scheduled. joining us now, the first director of national intelligence under president george w. bush, a 5-time ambassador. ambassador, it is great to have you withs. >> thank you. lou: i'm going to ask you, this breaking news that we just received, an additional 14 interceptors' being deployed, missile bases in cifornia and alaska in response, apparently, purely, to that threaa by north korea. your thoughts? >> well, my reaction is that this is a precaution. theoretical capacity of these missiles is that they could
conceivably reach the shores of the west coast of the united states are alaska. but in past tests that they have conducted over the years, these rockets have usually fizzle somewhere over the asian continent or into the pacific ocean. so -- still, it is on their part. it is, think a must at least take the precaution. they sometimes threaten very drastic things. and at times they carry them out, such as when they say they're going to carry a nuclear test or shoot a satellite into the stratosphere. so i think the better part of wisdom i to take the ste that apparently had just been announced. lou: well, ambassador, let's turn from the response of the administration to those threats to the administration's preparations for a meeting with benjamin netanyahu, the prime minister of israel, going to israel, and his first offial
visit saying that all options are on the table with iran. is it your sense that things are deteriorating further? this foreign-policy that has been followed by this administration is, in some way effective? >> well, i don't think that is entirely new language. the president bush used the same kind of line on the subject. i think it is to make clear that while we are prepared to pursue negotiatingptions that if we are not successfuin deflecting or deterring them from acquiring a nuclear weapon, that we don't rule out the possibility of the direct use of force. there are ongoing negotiations at the moment. i don't think they have made particularly a lot of progress, but there will be a couple more rows that will take place, and we will have to see what happens. my personal view is that iranian
determination is strong for nuclear-weapons. sooner or later we in israel and other interested countries are going to be confronted with the issue as to what do about it. obviously that is going to be very high on the agenda of president obama's meetings with the israeli leaders because for israel the question of iran and its acquiring nuclear weapons is a truly existential threat. lou: and as we look back, some six years, 2007, we started hearing that they would have nuclear bombs within 2-3 years. then we'd -- into does a seven, 2008, july 2009 to march 2010, april 2010. so on. each year. and at this point, is there a point at which we have confidence in our assessment as to how soon they will have a
nuclear bomb? >> well, when i took over as director of national intelligence in 2005 we made an assessment that the determination must strong for nuclear weapon and that that timetable we foresaw was somewhere, acquiring a capacity somewhere between 2010 and 2015. so we are right in that time zone set to speak. now, you know, predicting that with any degree of precision is not that easy to do, but we know that they have done a lot of work on various elements of the nuclear, military capacity. you have got t enrichment. we know they have enriched a lot of uranium. we know they have the miss out capability to launch. i think the issue that has been in doubt the most is how much work they have done on the question of weapons disarmament. that is the part that i believe is the least well understood or well-known.
>> i think thais the remaining piece of the puzzle. lou: ambassador, always good to talk with you. come back soon please. >> thanks for having me on lou: thanks. up next, the bra new book shows us how the misunderstood president should be consulted, if you will for our current fiscal mess. the author joins us. ♪
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congratulations. >> thank you. lou: let's start with white coolidge, for crying out loud. obviously the right judgment and the ght book. the right author, but why? >> well, tonight youere talking about how presidents can cut budgets. coolidge was president to cut the budget. he looked at his record in the presidents. 6667 months. and he left the budget was lower than when he came in. is that real? it was real. lou: and enough to read this book, what is it that is making in a best seller? what is so compelling? it was always dismissed in my history courses. >> well, today we know our economics are broken. we're not sure the economic theo makes sense. coolidge represents pre-world war ii economics, and there is some virtue in economics. he is the personification of the idea, for example, that
austerity on the government's part can lead to growth in the private sector. politicians still believe that now. lou: politicians in the democratic politicians don't. republicans of some of the duke. >> some republicans. lou: the intelligent ones.s. and the fact is that this president is the one who does not believe that we have a spending problem. as a matter of fact dismisses a balanced budget. how do you react to the fact that the senate has finally moved forward with the budget proposal up to four years? >> kd of a lack of awareness of the consequences. they did have an awareness. he knew that inflation could come. he knew at that time that the u.s. was not necessarily king of the world. britain might be. so they had an awareness. right. the need to budget and that the long term, the u.s. should budget. lou: what kind decide that we can have unlimited government, expansive and intrusive government based on borrowing
trillions of dollars in perpetuity and that that will be as healthy process toward achieving a national mistake? what kind of an idiot things that? >> very short rm eddy is because they say, well, the stocmarket is up today. but their shortfalls in the budget have to do with entitlements are still there for our children and grandchildren. so we need some longer-term thinkers. that is what we're looking for. lou: yes. that is helpful in part. what i think we're looking for your, thinkers who the lucky when they think. having intellects sufficient to the cause and the challenges. i am not sure we have a bunch of those folks. are you? >> i have faith in the american people. lou: i was not talking about the people. as to the big question with only 22nd. >>kay. sometimes the politicians are wrong but the people figure ou in the end. lou: i hope you're right and i
hope they do. the book is coolidge. congratulations. thank you for being here. thank you for being here. good night from new york. ♪ at a dry cleaner we replaced people with a machine. what? customers didn't like it. so whyo banks do it? hello? heo?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally.